A competitive advantage is anything that you can do to make yourself stand out from your rivals and achieve your goals; in particular, increase your profits. When it comes to branding, it is also a great way to strengthen your brand. At Twelve12, we want to tell you more about how you can use competitive advantage for your branding in Orange County or anywhere else.
What companies ought to do is to find a competitive advantage that will provide a degree of differentiation from other businesses that serve the same market, while giving the brand itself a positive boost. There are many ways to stand out and create that competitive advantage, but most of the time it relies on the specific product or service characteristics. It can also come from the company itself.
The most common way of implementing a competitive advantage is lowering the price of a product or service, which takes me to one of the attributes that this advantage should display. It should be sustainable over time. If the competitive advantage is easily copied, or if the company will not be able to maintain it over time, then it can’t be considered a competitive advantage.
There are many times that, as consumers, we have decided to buy a different brand because it is displaying attractive attributes that are not present in the brand that we usually choose. It might not even provide anything tangible to us, but the important word here is “customer perception”. If your product or service displays that extra effort and you make your clients aware of it, you will probably have an advantage over other options.
Outstanding customer service or quality. If your product or service is appreciated and valued by your customers, that means that you are exceeding expectations, and that is usually a great competitive advantage for any company.
Uniqueness is another quality that may give your brand a boost over your competitors. When nobody else out in your market is offering what you are, then you have hit the motherload of all competitive advantages. It usually doesn’t take long for another company to show up with a similar product, but you will need to stay ahead of them and have your best “new thing” ready to go. Your customers will appreciate that and remain loyal to your brand.
As you can see, there are many ways in which you can develop a competitive advantage for your business. If you want to know more about branding in Orange County, give us a call today, at Twelve12, we’ll be happy to help you.